BIT Mining Limited (NYSE:BTCM) Sees Large Decrease in Short Interest

BIT Mining Limited (NYSE:BTCM) was the recipient of a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 154,800 shares, a drop of 5.3% from the September 30th total of 163,400 shares. Based on an average trading volume of 52,000 shares, the days-to-cover ratio is currently 3.0 days. Approximately 1.4% of the company’s shares are short sold.

Hedge Funds Weigh In On BIT Mining

An institutional investor recently bought a new position in BIT Mining stock. XTX Topco Ltd purchased a new position in shares of BIT Mining Limited (NYSE:BTCM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 22,288 shares of the company’s stock, valued at approximately $59,000. XTX Topco Ltd owned approximately 0.20% of BIT Mining as of its most recent SEC filing. 5.34% of the stock is currently owned by hedge funds and other institutional investors.

BIT Mining Stock Performance

Shares of BTCM stock opened at $2.71 on Friday. BIT Mining has a 52-week low of $1.79 and a 52-week high of $6.95. The stock has a market cap of $30.11 million, a PE ratio of -2.07 and a beta of 2.51. The firm’s 50 day moving average price is $2.36 and its two-hundred day moving average price is $2.57.

BIT Mining Company Profile

BIT Mining Limited operates as a cryptocurrency mining company in the Mainland China, the United States, and Hong Kong. The company operates in two segments: Data Center and Cryptocurrency Mining. It operates a cryptocurrency mining data center in Ohio with power capacity of 82.5 megawatts; and purchases and deploys bitcoin mining machines.